Stratus Properties Gets Green Light for 316-Unit Austin Multifamily Project
Publicly-traded Stratus Properties (NASDAQ: STRS) received a construction loan from Comerica Bank in the amount of $56.8 million so they could get started on The Saint George Apartments. The four-year construction loan came with a completion guaranty and 25% repayment guaranty, which will be eliminated once the project meets specified conditions.
The 316-unit Saint George will be located within minutes of the University of Texas campus, not far from a number of large employers, the Q2 Stadium and The Domain, a retail, office and restaurant center with more than 100 stores and restaurants.
10% of the units will be reserved as affordable housing. Stratus expects to begin construction shortly with completion in mid-2024.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.